Clarification for Some confusions of Budget Regarding Rebate.
Recently, union budget 2019 is announced. So, many confusions have been arising for New Income Tax Slab and Rebate under section 87A. So that, I have clarified in this article the confusions regarding Rebate and New Slab Rate of Income Tax.
Budget 2019 has seen no new income tax slab rates, but only complete tax rebate on income up to Rs 5 lakh has been announced by Finance Minister Piyush Goyal.
Followings are some Clarification on union budget 2019
- No tax exemption of income up to 5 Lakhs has been provided. It is applicable only when income does not exceed Rs. 5 Lakhs. So, it will not be applicable on those whose income is above Rs. 5 lakhs.
- Also, the change is not made in tax structure but in rebate of section 87A.
- Slab has not been changed. Still continues to be from Rs. 2.5 Lakhs to 5 Lakhs.
- Earlier Rebate of Rs. 2500 for income up to 3.5 Lakhs was allowed. Now it has been increased to Rs. 12500 for income up to 5 Rs. Lakhs.
I Hope this article Helps you on clarifying the doubts about New Income Tax Slab and Rebate under section 87A.
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